Strs Ohio Grows Stock Position in Patrick Industries, Inc. $PATK

Strs Ohio boosted its position in Patrick Industries, Inc. (NASDAQ:PATK) by 17.1% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 48,000 shares of the construction company’s stock after acquiring an additional 7,000 shares during the period. Strs Ohio owned 0.14% of Patrick Industries worth $5,331,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Mackenzie Financial Corp raised its position in shares of Patrick Industries by 4.0% in the fourth quarter. Mackenzie Financial Corp now owns 2,078 shares of the construction company’s stock valued at $231,000 after purchasing an additional 80 shares during the period. CIBC Asset Management Inc grew its stake in Patrick Industries by 4.1% in the 4th quarter. CIBC Asset Management Inc now owns 2,256 shares of the construction company’s stock valued at $245,000 after buying an additional 88 shares in the last quarter. Hennion & Walsh Asset Management Inc. raised its holdings in Patrick Industries by 4.1% during the 4th quarter. Hennion & Walsh Asset Management Inc. now owns 2,479 shares of the construction company’s stock valued at $269,000 after acquiring an additional 98 shares during the period. Oregon Public Employees Retirement Fund lifted its position in shares of Patrick Industries by 1.3% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 7,576 shares of the construction company’s stock worth $821,000 after acquiring an additional 100 shares in the last quarter. Finally, California State Teachers Retirement System boosted its holdings in shares of Patrick Industries by 0.5% in the second quarter. California State Teachers Retirement System now owns 29,535 shares of the construction company’s stock worth $2,725,000 after acquiring an additional 154 shares during the period. Institutional investors own 93.29% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently weighed in on PATK. Raymond James Financial set a $108.00 price target on Patrick Industries in a research report on Friday, May 1st. Roth Capital set a $128.00 target price on Patrick Industries in a research note on Tuesday, May 5th. Zacks Research lowered Patrick Industries from a “hold” rating to a “strong sell” rating in a report on Tuesday, May 5th. Weiss Ratings cut Patrick Industries from a “hold (c+)” rating to a “hold (c)” rating in a research report on Monday, June 29th. Finally, KeyCorp lowered their price target on shares of Patrick Industries from $140.00 to $125.00 and set an “overweight” rating on the stock in a report on Friday, May 1st. Six equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $122.62.

Patrick Industries Price Performance

Shares of NASDAQ:PATK traded up $1.76 on Tuesday, hitting $87.69. The company’s stock had a trading volume of 56,368 shares, compared to its average volume of 487,345. The company has a 50-day simple moving average of $90.27 and a 200 day simple moving average of $109.32. Patrick Industries, Inc. has a 1 year low of $82.35 and a 1 year high of $148.50. The company has a market capitalization of $2.88 billion, a PE ratio of 22.41 and a beta of 1.11. The company has a debt-to-equity ratio of 1.16, a current ratio of 2.71 and a quick ratio of 1.04.

Patrick Industries (NASDAQ:PATK) last issued its quarterly earnings data on Thursday, April 30th. The construction company reported $1.10 EPS for the quarter, topping the consensus estimate of $1.08 by $0.02. The company had revenue of $997.17 million during the quarter, compared to analyst estimates of $989.06 million. Patrick Industries had a return on equity of 13.24% and a net margin of 3.46%.Patrick Industries’s revenue was down .6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.11 earnings per share. Sell-side analysts forecast that Patrick Industries, Inc. will post 4.89 EPS for the current fiscal year.

Patrick Industries Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 8th. Stockholders of record on Tuesday, May 26th were given a dividend of $0.47 per share. The ex-dividend date was Tuesday, May 26th. This represents a $1.88 annualized dividend and a dividend yield of 2.1%. Patrick Industries’s dividend payout ratio (DPR) is 48.21%.

Insider Activity

In related news, insider Charles R. Roeder acquired 5,750 shares of the company’s stock in a transaction dated Tuesday, May 5th. The stock was bought at an average cost of $87.83 per share, with a total value of $505,022.50. Following the acquisition, the insider owned 42,147 shares of the company’s stock, valued at approximately $3,701,771.01. The trade was a 15.80% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director M Scott Welch bought 10,050 shares of the business’s stock in a transaction that occurred on Tuesday, May 5th. The stock was bought at an average price of $88.23 per share, with a total value of $886,711.50. Following the completion of the transaction, the director directly owned 156,000 shares of the company’s stock, valued at $13,763,880. This represents a 6.89% increase in their position. The SEC filing for this purchase provides additional information. In the last 90 days, insiders have bought 28,700 shares of company stock worth $2,532,880. Corporate insiders own 3.80% of the company’s stock.

Patrick Industries Profile

Patrick Industries, Inc is a leading manufacturer and distributor of component products and building materials for the recreational vehicle (RV), manufactured housing, marine and industrial markets. The company supplies a broad array of interior and exterior products, including cabinetry, countertops, flooring, wall panels and decorative trim. Patrick Industries also offers engineered composites, adhesives, sealants and insulation solutions that cater to both original equipment manufacturers (OEMs) and aftermarket customers across North America.

Founded in 1959 and headquartered in Elkhart, Indiana, Patrick Industries began as a small distributor of hardwood and millwork products.